EXCLUSIVE: Stephen Chbosky, who directed Emma Watson in the sleeper hit The Perks Of Being A Wallflower, has re-teamed with the actress at 20th Century Fox on While We’re Young. Based on the Adena Halpern novel 29, While We’re Young will be scripted by (500) Days Of Summer scribes Michael H. Weber and Scott Neustadter. Karen McCullah and Kiwi Smith penned the original script and Weber and Neustadter handled the most recent rewrite. John Davis is producing through his Davis Entertainment banner. The log line: A 75-year-old woman, still feeling frisky and that she has far more in common with her 29-year-old granddaughter than with her stuffy 55-year-old daughter, is granted a birthday wish. She gets to be 29 again, for a day. She uses the time to go on an adventure with her now same-aged granddaughter. The film tells the story of three generations of women.

It’s a departure for Chbosky, who adapted his own coming-of-age novelThe Perks Of Being A Wallflower and got a WGA nomination for the script. He also wrote the screenplay for the film adaptation of the Jonathan Larson stage musical Rent. Perks was a very important movie for Watson, as it allowed her to play a sophisticated young woman, warts and all, as she tried to create distance from Hogwarts and her childhood spent in the Harry Potter movies. Watson most recently starred in the Sofia Coppola-directedThe Bling Ring, and will next be seen in the Darren Aronofsky-directed Noah for Paramount Pictures and New Regency. She’s separately attached to star in Guillermo del Toro’s live action Beauty & the Beast for Warner Bros and Your Voice In My Head. She’s also attached to star in and executive produce Queen Of The Tearling for Potter producer David Heyman at Warner Bros. Watson is repped by WME and Markham Froggatt Irwin, and Chbosky by WME.